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WASHINGTON — The American Bankers Association has appealed to the Internal Revenue Service to impose the unrelated business income tax on income from nonmember business loans that are on the books of state-chartered credit unions around the country.

ABA Senior Economist Keith Leggett sent a Feb. 8 letter to the IRS that included a list of specific credit unions and the amount of their nonmember business loans. CUNA General Counsel Eric Richard said the ABA’s letter is “tantamount to harassment,” CUNA News Now reported. “The types of transactions ABA is seeking to challenge are wholly consistent with the purpose and historic mission of credit unions,” Richard said adding, “Rest assured that CUNA will be filing a well-crafted response with the IRS to clarify all the facts shortly.”

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